Not to be confused with another project Spectre.ai, which is entirely different. Spectrecoin is a privacy coin project. They do have a registered foundation and developer team non profit. The founding team is only 4 members. The transparency that this provides, also makes them very centralized and also seems a vulnerability for a privacy coin. This aspect can thus be viewed in a positive and negative light.

Apparently this is a fork from something called Shadowcoin. Spectre did an ICO, but only raised 16 btc (at around $700 price), so that didn't bring them far, but they claim to have received private funding. Main innovations were supposed to be the TOR integration for the wallet plus the TOR obfuscation product. Beyond that something like anonymous staking algorithm which for a long period was doubted that they could even pull it off. However, apparently in the latest version since May 2019, this feature should finally be implemented.

One aspect that does look a bit remarkable is that they changed their bitcointalk thread after a lot of FUD and negativity was being spread on the original thread. Now I can't determine if all or part of those opinions/discussion have any merit, but I would recommend to take a look and assess for yourself: https://bitcointalk.org/index.php?topic=2103301.2560. The team said that they opened the new thread because they were locked out of the old one for some reason.

Note that they have introduced a taxation on the mining reward which is going to a developer fund. Upgrading to the new software version includes agreeing to this. Generally taxation on mining reward is considered 50/50 shady.

Even though overall this project seems to be around for a longer period of time and being reasonably active (which is far more than probably 80-90% of all other small cap coins), which would give them some sort of credibility, I can see why some people are a bit suspicious too.

Also beware that leading up to the new version release the price of XSPEC has gone up already substantially (and since release date already retracing somewhat), which could theoretically lead to a "sell the news" situation, so be careful with that too.